A change at Rolex, but not with the watch!
Well it’s time for a change at Rolex. Not with the aesthetic of the actual watches, but with the top of the executive committee. Newly appointed CEO Jean-Frederic Dufour will become head of Rolex, and replace Gian Riccardo Marini. The date is still to be determined, but the fact is that it’s happening. Stealing Dufour away from LVMH – Louis Vuitton Moet Hennessy watch brand Zenith in an attempt to capture more global market share.
The company currently faces increased pressure from the Swatch group and Cie. Financière Richemont, who together with Rolex make up about 46 percent of the world timepiece’s sold by value. However it does lack behind Swatch in various markets that include China, so there might be the reason for this new executive.
What makes this so interesting is that Rolex is already one of the top luxury watch sellers in the world, generating estimated sales of about $5 billion dollars. Since the company is privately held they do not disclose their financial information. Chances are that their classic and world renowned Rolex designs won’t change, they just might update their younger more affordable “Tudor” brand. Tudor is now only gaining more market share compared to other median priced competitors’ products like Longines, which is made by Swatch.
In the end, Rolex itself doesn’t need to change much, they just have to adapt a little to the new trends and markets. That should do the trick, and a new CEO can give them that fresh perspective on the minute details which can be so complex (like with a Rolex).